Oil Prices Could Break a 7-Week Losing Streak as Demand Optimism Returns

Crude oil prices extended their gains early on Friday morning as a combination of demand optimism and rising geopolitical risk added to upward pressure. If the recent rally doesn’t reverse today, oil prices could be on course to break a seven-week losing streak. "Oil prices may see a bit of a 'demand pull' due to improved liquidity conditions after the Fed's dovish pivot," OANDA analyst Kelvin Wong told Reuters, commenting on the latest Fed update that suggested a rate cut may be on the table for 2024. The International Energy Agency…